My grandparent set up a mutual fund for me back in 1980. They were conservative investors and while they themselves hadn't lost their shirts in the Crash of 29, it was only because they were 23 years old and hadn't socked money away to lose yet. The the mutual fund was a conservative one.
They figured that was better than giving us grandkids a $25 savings bond.
Every birthday and Christmas they'd tick a bit more in it.
Eventually it was about $4000 when they stopped adding to the pile when I graduated college. Probably less.
Now it is worth considerably more. Like 17 grand, Compound interest and all, and me not touching it.
There's the thing. The state knows about it because of my state taxes. And they inform all investment houses, "Hey, if someone like T-Bolt doesn't touch his nest egg, adding or subtracting, for 3 years, you have to tell Annapolis that, investment house. What if Mr. Bolt dies? Then that money could be just abandoneded! And we want it to spend on stuff. So give it up if he doesn't pipe up in time."
Why, I oughta...
I caught the bastards before they did this. Stole my money. Those greedy mofos. Watch em. Especially if your state is run by Democrats. The D stands for Double-greedy.
Come to think of it, it sounds like a scam thought up by a previous GOP governor. Ehrlich. Like a good Republican he hated taxes. But like a good Republican in a Democrat state he needs to get revenue to pay for Democrat priorities. How to reconcile the two? Raise fees, like driver's license renewal. And other things like this investment swipe.
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3 comments:
With Social Security the Federal Government has a reason to KILL YOU. Same with a vet and the VA. Same with Medicare and the Government.
Retirements? If you have a State or Federal defined benefits retirement then the government has a reason to kill you.
And the Government always thinks about the 'greater good'.
Sleep tight.
Many states have laws like that on bank accounts; this is the first time I've heard about it on an investment account.
I got a letter about my old passbook savings account when I was in college, warning that if I didn't access it every 3 years that New Jersey would take it over. There wasn't much in it, so I emptied it out and shut it down.
The People's Democratic Republic of Maryland can also seize your safety deposit box contents if you don't access it every three years.
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